The husband wrote an application for the transfer of part of his savings to private IPM. I'm worried, what if they do not justify the trust? What are we to do then?
First of all, we note that pension savings can be transferred to investment portfolio managers in an amount not exceeding the difference between the actual amount of the contributor's pension savings in the UAPF and the threshold for the minimum sufficiency of pension savings or, if there is a pension annuity agreement concluded with an insurance company that provides for life-long payments, - in an amount not exceeding the balance of pension savings on the account of the contributor in the UAPF.
Due to the fact that the activity of the UIP is a competitive environment where management companies offer their own conditions and investment strategy, we recommend that the investor study the information about the company in detail before making a decision to transfer his savings. Investment declarations and information on commission fees are posted on the enpf.kz website in the "Services" section - "Register of Investment Portfolio Managers".
Investing pension savings is a long-term process, so it is better to evaluate the first results of management no earlier than a year later.
Based on this, the investor can:
- not more than once a year, submit an application for changing the IPM to transfer their pension savings into trust management from one IPM to another IPM;
- submit to the UAPF an application for the return of pension savings held in trust management of the IPM to the trust management of the National Bank (not earlier than two years after the initial transfer of pension savings to the trust management of the IPM).
10 calendar days before the contributor reaches retirement age, his pension savings, taking into account investment income, will be returned to the management of the National Bank of the Republic of Kazakhstan (if they were in trust management of the IPM before this period) and used for the purpose of making pension payments according to the schedule, conclusion of a pension annuity agreement or for other purposes provided for by law.
I would like to draw your attention to such moments. The state guarantee of the safety of mandatory pension contributions, mandatory professional pension contributions in the amount of actually made mandatory pension contributions, mandatory professional contributions, taking into account the level of inflation, is provided only for amounts managed by the National Bank of the Republic of Kazakhstan.
In the event of a negative difference between the nominal return on pension assets received by the IPM and the minimum value of the return on pension assets calculated in accordance with the Law and the regulatory legal act of the ARDFM, the IPM compensates this negative difference from its own capital in the manner and terms established by the regulatory legal act ARDFM, for the subsequent transfer of this amount to the Applicant, whose pension savings were in trust management of this IPM as of the end of the year preceding the year in which the reimbursement is made. At the same time, the specified amount is credited to the individual pension accounts of contributors opened with the UAPF.
The minimum level of return will be calculated on the basis of the weighted average return on pension assets transferred to the management of an IPM operating on the market.